Word: buffett
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...last week in the silver market, where prices spiked to a nine-year high after Warren Buffett, the Oracle of Omaha, disclosed that he had taken a major shine to the metal and bought up 129.7 million oz. of the stuff. That amounts to 37% of the world's aboveground stock of raw silver, according to the CPM group, a commodities and precious-metals consulting firm...
...Buffett made his gleaming presence felt. The price for an ounce of silver to be delivered in March hit $7.28, up 16% in the two days after Buffett's disclosure and up nearly 70% since he started buying the precious metal six months ago. Despite the surge, veteran--and thus oft-pummeled--silver traders will note that a price just north of $7 is nothing next to silver's peak in 1980, when it hit $50 amid an infamous attempt by the brothers Herbert and Nelson Hunt to corner the market...
...stock has made it the lowest ranked company in the S&P publishing index. That sent Elisabeth ("Lizzie") Goth, 34, and William ("Billy") Cox III, 42, heirs of Clarence Barron, the 300-lb. patriarch who purchased the company in 1902, looking for advice from investment heavyweights such as Warren Buffett. Their conclusion: it's the management. "Finally, someone within the family started to question things," says Cox, who resigned as managing director of Dow Jones Global Indexes earlier this year...
...division or some broader restructuring has moved Dow Jones stock to its highest price since 1987; last Friday it closed at $54. Several Dow Jones insiders noted Rupert Murdoch's recent visit to Dow Jones headquarters for a meeting with Kann, and both Microsoft's Bill Gates and Buffett have privately expressed interest in the company, believing the Journal and Dow Jones brands are all underleveraged assets. Jettisoning one weak division may not be a panacea. The company will probably take an estimated $800 million write-off. And strategically it will become weaker in electronic distribution, a critical channel...
FORTUNE Business Report gives you everything from the day on Wall Street ? minus the paper slips. Friday: Buffett's back...